AAT ICAS

Introduction
1. Chic Paints is a large Limited company. Chic Paints is a limited company formerly part of Ashtead PLC. Ashtead PLC had been a long standing manufacturer of everything from bricks to butter.

In 2005 Ashtead PLC decided that its future was no longer viable and therefore decided to change Its business model, over the next few years Ashtead PLC started to sell off or close down those of its subsidiaries that were no longer considered a strategic fit within the organisation.

CPL was put up for sale in 2007, and was subject to a management buyout from its previous owners by five of CPL’s current directors, Greg Pearce, Dave whistler, Ruth Jones, Ahmed Khan and Susan Mather. These five directors have managed the company for…show more content…

The financial information included in the cash flow statement also aids potential and current lenders and investors in determining a company’s financial position. The cash flow statement ties together all the information from the income statement and the statement of financial position to give a summary of the overall picture of the businesses inflows and outflows.
4.0 External regulations affecting Chic Paints Limited
4.1 Company’s Act 2006 – Sets out the way in which the company’s financial statements should be set out and prepared. Chic paints accounting team will need to ensure they abide by these regulations when preparing their financial statements.
4.2 Data Protection Act 1998 – regulates how the company stores and processes sensitive and confidential information on customers, suppliers and employees. Chic Paints will need to ensure they comply with this act to avoid the risk of heavy penalties for the misuse of data.
4.3 UK Accounting Standards – further define the way in which the financial statements should be prepared.
4.4 Late payment of commercial debt Act 1998 – Allows suppliers to charge interest on late payment of invoices. Chic paints Ltd will need to ensure supplies are paid on time in line with the agreed credit terms, and that it does not delay payments to suppliers beyond acceptable periods.
5.0 Health and Safety legislation – Chic paints will need to comply with various health and safety

Related

Kaplan notes, books,
websites visited.
? Fraud matrix (see plan)
? Cost benefit analysis (see plan)
8 Other Requirements
Mapping document
Section 2 of this pack lists the Outcomes and Criteria against which the assessor will
judge your report.
AAT require you to map your report to this document using the paragraph numbers.
In the report guide Kaplan have suggested what areas of the Outcomes and Criteria
may be covered by the different sections. You must use your own paragraph
numbers to complete….

Internal control and accounting systemsFor use in the AAT Accounting Qualification |
R2271 Cookridge Carpets | Assessment book |
Time allowed: Four months
Note: Your report must be written/typed, completed and submitted for formal assessment within four months.
You will have four more opportunities to submit further supporting evidence at the discretion of your assessor. Please discuss this with your assessor.
AAT Level 4 Diploma in Accounting | QCF qual ref | SCQF qual ref | QCF unit ref |….

Cost benefit analysis
10 - Conclusion
11 - Appendices
1) Terms of Reference
1.1
This project has been prepared to fulfill the criteria of Unit 10, managing systems and people in the accounting environment of Level 4 AAT.
1.2
The objectives of this report are:
To identify the current weaknesses in the payroll and cash handling systems within Cookridge Carpets ltd, and to help to prevent fraud from within the business
To suggest an implementation of new systems….

have confidence in my answers, so I don’t need to check I am doing things correctly * Stress easily under pressure * Works too quickly at times and make trivial mistakes |
Opportunities: * Take work from others to learn new roles * Study AAT * In-house training with colleagues. * Shadow colleagues to learn new roles * Read policies / bulletins / news to keep up to date with rules and regulations * Customer Service courses | Threats: * Not enough time to learn new tasks due to….

company. It is also been
recommended by the researcher the terms in which this risks should be
avoided.
1.4. Lastly the researcher also investigated that the requirements of the internal
Controls and Accounting systems Paper is part of the AAT Level 4 Diploma
in Accounting.
2. Executive Summary
2.1. This report investigates the effectiveness of the internal controls of the
accounting systems of Cookridge Carpets company. The recommendations
are also made to show ways in which….